Money. One of the most powerful words in the English language. So many uses, so much relief when it arrives and opportunity it can bring no wonder most people are always looking for more. It’s extremely important that if you have money to invest that you invest wisely and properly research any opportunity or market before you make a decision. In this blog article I wanted to share some information with you concerning the economic status of the Dominican Republic and how to spot opportunities if you are looking to make the jump to this amazing island.
The Dominican Republic is Latin America’s fastest growing economy.
Today we are going to take a look at the current state of the economy in the Dominican Republic. There is plenty of room here for businesses to grow and lots of opportunities to improve on in the existing markets. They even have a stock market for all you that enjoying trading.
Recent growth is fueled by construction, mining, trade, manufacturing and tourism. Also, the Dominican Republic has the world’s second largest gold mine, this is great news if you are in the jewelry business or if you need some silver or gold for your product line. While boasting a strong economy, the Dominican Republic is actually the most visited destination in the Caribbean. If you are planning on getting involved in the tourism industry just know you will have a lot of competition. With this recent report from the World Bank, you can see that the Dominican Republic is continually improving its economic status while facilitating needed changes in the ease of creating a business.
Another great overview on the economy that was produced by The Canadian Trade Commission is here and we encourage you take a look and read up.
So if you are looking to come join the rest of us happy expats on this paradise island (which we all encourage you to do), we will now take a look at some important things to consider before taking a risk and watching your life unfold daily in ways you never could imagine 🙂
Before you make a final decision to pack up and move to the Dominican Republic we encourage you to do at least 1 to 3 trips here and get to know the culture, people, area, potential customers and hear their needs, and see what areas your product/service could have the greatest impact. Be sure to research the industry you are desiring to enter, speak with your potential competitors and spend ample time in the region you want to operate your business in. If you have the means then I think it is a great idea to spend at least 60 days consecutively (that would count as just 1 trip) here in the region you want to open your business in to get a feel for the area, potential customers, competition and really explore how you can be innovative and stand out in the market.
Opportunity is missed because it is dressed in overalls and looks like work – Somebody said this and we still don’t know who but you can check this article out to see what we are talking about. Fun right!
Anyways, it isn’t hard to spot opportunities here in the Dominican Republic or even see 100 ways that something can be improved upon. Be it transportation, a piece of property, a grocery store, a tour service, etc..there is no shortage of opportunities here. None. Spend 1 hour walking around Santo Domingo and you will see plenty. Spend 1 hour walking around Boca Chica or Juan Dolio and you will see plenty of property that could be bought and flipped into something spectacular for a fraction of the cost that you would pay in the US. If you have questions about this please don’t hesitate to reach out to us.
The personal growth that can happen when you take a risk and invest in an opportunity can be massive so be sure to read more about it here. So you might be asking the question “How do I spot opportunities?” You are going to have to think outside the box first…rather think like there is NO BOX. Next, we suggest following this advice here. Your imagination can run wild here, let it, see what pops into your head, be innovative and no matter what you choose to do, make sure you stand out and offer a niche product or service.
Opportunities are everywhere and anything is possible if you put your mind to it and work hard and SMART. We would love to come alongside you on your journey to creating a new and adventurous lifestyle for yourself here in the Dominican Republic. Reach out to us and let’s talk about to turn your dream into a reality. You can trust us to do the job for you.